Prof.dr. Theo Dijkstra of the department Economics, Econometrics and Finance of our Faculty, together with Youbaraj Paudel, Wouter Botzen and Jeroen Aerts (VU University), has been awarded the Outstanding Paper Award 2015 of the Journal of Flood Risk Management. The prize has been awarded for their paper entitled “Risk allocation in a public–private catastrophe insurance system: an actuarial analysis of deductibles, stop-loss, and premiums”. The Outstanding Paper Award considers all papers which were published in volume 8 of the journal during 2015.
A public–private (PP) partnership could be a viable arrangement for providing insurance coverage for catastrophe events, such as floods and earthquakes. The objective of this paper is to obtain insights into efficient and practical allocations of risk in a PP insurance system. In particular, this study examines how the deductible and stop-loss levels (retentions) for, respectively, the insured and the insurer, relate to the corresponding maximum required coverage and premium amounts under the 99.9% tail value at risk (TVaR) damage constraint. A practical example of flood insurance in the Netherlands is studied in which the (re)insurance could be provided either by a risk-averse (private) or a risk-neutral (public) agency, which could result in large differences in premiums.
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